The performance of X-band (8.5-GHz) and 32-GHz telemetry links is compared on the basis of the total data return per DSN station pass. Differences in spacecraft transmitter efficiency, transmit circuit loss, and transmitting antenna area efficiency and pointing loss are not considered in these calculations. Thus, the performance differentials calculated in this memo are those produced by a DSN 70-m station antenna gain and clear weather receiving system noise temperature and by weather. These calculations show that, assuming mechanical compensation of the DSN 70-m antenna for 32-GHz operation, a performance advantage for 32 GHz over X-band of 8.2 dB can be achieved for at least one DSN station location. Even if only Canberra and Madrid are used, a performance advantage of 7.7 dB can be obtained for at least one DSN station location. A system using a multiple beam feed (electronic compensation) should achieve similar results.